IssuerAnnouncementDetailsV2Portlet
Jarir Marketing Co. announces on Obtaining Preliminary Approval from SAMA for a Consumer Finance Activity
| Element List | Explanation |
|---|---|
| Introduction | Further to the announcement of Jarir Marketing Company ('the Company') published on December 31, 2024, regarding the signing of a non-binding Memorandum of Understanding with Aman Misr Company and Hamad Bin Abdullah bin Sulaiman Al Manea & Partners Co. (a Saudi closed joint-stock company) to establish a consumer finance company. The Company announces that it has obtained the preliminary approval from the Saudi Central Bank (SAMA) for the establishment of Rifd Integrated Company to conduct micro-consumer finance activity. Rifd Integrated Company is the company referred to in the announcement published by the Company on 31 December 2024. |
| Date of Posting the Previous Announcement of Development on Saudi Exchange’s Website | 2024-12-31 Corresponding to 1446-06-30 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The Saudi Central Bank (SAMA) has issued its preliminary approval for the establishment of Rifd Integrated Company to conduct micro-consumer finance activity. Work is currently underway to finalize the regulatory procedures for the establishment of Rifd Integrated Company. NOTING that the capital of Rafd Integrated Company amounts to Saudi Riyals 50 million. |
| Financial Impact on the change | None |
| Additional Information | The preliminary approval issued by SAMA does not constitute a granting of license or permission to conduct financing activity. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.